A new scam worth Rs640 million was unearthed in the National Insurance Company Limited (NICL) on Saturday.

The Federal Investigation Agency (FIA) has registered criminal cases against those accused of being involved in the Rs4.45 billion NICL land scndal.

The FIA now says it has gathered evidence concerning another fraud and that it is planning to lodge a case against the accused in Karachi.

Former company chairman, Ayaz Khan Niazi is alleged to have paid claim amounts to contractors in a violation of the rules in the Rs640 million rupees scam.

Sources in the FIA said that Ayaz Niazi illegally paid huge claim amounts in connivance with his colleagues.

They said that Ayaz and his colleagues paid the money to contractors after getting claims through fake surveyors.

The money was supposed to be paid to the departments concerned, and not the contractors.

According to recent reports, FIA investigators have also decided to initiate action against NICL’s acting chairman, Tariq Iqbal Puri, who is also the chief executive of the Trade Development Authority of Pakistan (TDAP).